Henry McVey, chief investment officer of KKR's balance sheet and head of global macro and asset allocation, said in a report that India's growth is increasingly being dominated by middle- and upper-income groups rather than lower classes. He said that the steady rise of the Asian consumption upgrade cycle is most evident in India, boosted by demand in financial services, healthcare, education, and travel and leisure. He said India's local tourism industry is already showing signs of this trend, and higher disposable income is leading to a “major shift” in consumption from basic consumption to wish-based consumption. He added: “Our population and income projections suggest that India's wealthy population will increase nearly nine times between 2010 and 2028, which highlights the magnitude of this transformation.”

Henry McVey, chief investment officer of KKR's balance sheet and head of global macro and asset allocation, said in a report that India's growth is increasingly being dominated by middle- and upper-income groups rather than lower classes. He said that the steady rise of the Asian consumption upgrade cycle is most evident in India, boosted by demand in financial services, healthcare, education, and travel and leisure. He said India's local tourism industry is already showing signs of this trend, and higher disposable income is leading to a “major shift” in consumption from basic consumption to wish-based consumption. He added: “Our population and income projections suggest that India's wealthy population will increase nearly nine times between 2010 and 2028, which highlights the magnitude of this transformation.”